Hyderabad: The Enforcement Directorate’s (ED) Hyderabad zonal unit, registered a case against Sahiti Constructions for diverting money from the company to other accounts.
The company is even facing allegations of cheating 1,500 customers who booked flats under their pre-launch scheme.
Despite paying Rs 400 crore, the customers failed to receive their flats in time following which a complaint was lodged against the company’s managing director, Lakshminarayana at Central Crime Station, in August.
ED registered a case against Sahiti Constructions and its MD on the basis of the FIR lodged. It suspects that the money collected from customers was diverted for other purposes instead of the claimed business.
The company earlier announced that money will be given back to customers but the management failed to do so as the cheques of refund by the company bounced.
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